Govt to ban cash transactions over Rs 3 lakh?

August 22, 2016

New Delhi, Aug 22: The government is set to ban cash transactions over Rs 3 lakh as it seeks to clamp down on black money in the economy following recommendations from the Supreme Court-appointed Special Investigation Team.

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The government, however, is yet to decide on the SIT's other proposal to bar cash holdings over Rs 15 lakh due to opposition from trade and industry, sources said. "There are concerns that this will result in harassment by tax officials," an officer said.

The Rs 3 lakh-limit is aimed to ensure that transactions are made using credit or debit cards, cheques or drafts which can be easily tracked. Despite the crackdown on unaccounted money, authorities continue to unearth several transactions involving purchase of jewellery or even cars in all-cash deals.

The finance ministry is also trying to promote use of plastic money and recently did away with transaction charges+ for government services. In the past, businesses have cited payments to workers, especially smaller players, to justify large cash holdings. But the argument is seen to have become weak in the wake of a spurt in number of bank accounts, especially after Jan Dhan was launched two years ago.

The government has already initiated several steps, including banning cash advance of more than Rs 20,000 for property transactions. The move came after income tax raids revealed unaccounted cash was often attributed to "recently concluded property transactions". A similar limit has been placed on repayment of bank loans. The SIT had suggested the twin moves citing examples of countries such as France and Italy, that allow transactions up to a certain limit.

The panel argued that cash transactions of over Rs 20,000 were rampant and often tax was not being deducted at source as prescribed under the law. "Question of levying penalty will arise only when such transaction comes to knowledge of I-T department because it is difficult to find out or locate the same," the SIT said in its report.

Comments

SK
 - 
Monday, 22 Aug 2016

Arvind Delhi....well said... Even Santosh Hegde does not speak on such matters.... He closes his eyes on such issues.....

Rikaz
 - 
Monday, 22 Aug 2016

Good job! It can reduce cow trafficking by Sangh Pariwars in considerable amount....3 lakhs is too much, that should be reduced to Rs. 20,000

PK
 - 
Monday, 22 Aug 2016

Only in media... cheddis never bring it. it will effect . Same stories like 15 lakhs?

SK
 - 
Monday, 22 Aug 2016

why 3 laks.... make it 50,000.....It seems that sanghis have lot of black money and so they are giving more and more time to make it black.....

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Agencies
February 20,2020

New Delhi, Feb 20: Microsoft has begun testing its free open-source software called "ElectionGuard" in a small Wisconsin town in the US that aims to make voting more secure, verifiable and efficient.

"ElectionGuard" will enable end-to-end verification of elections, open results to third-party organisations for secure validation, and allow individual voters to confirm their votes were correctly counted.

It enables government entities, news outlets, human rights organisations or anyone else to build additional verifiers that independently can certify election results have been accurately counted and have not been altered, according to the company.

The software would create a paper trail and assure voters their votes were properly tallied.

"On Tuesday, Fulton residents are using the technology while choosing who will join the local school board and hold a seat on Wisconsin's state Supreme Court," reports CNBC.

With the test, the company aims to see if voters like the experience and make sure everything works fine.

In May last year, Microsoft CEO Satya Nadella announced "ElectionGuard".

According to Tom Burt, Corporate Vice President, Customer Security and Trust, voting system manufacturers will be free to build ElectionGuard into their systems in a variety of ways.

"These are exciting steps that enable individual voters to confirm their vote was properly counted, and assures those voters using an ElectionGuard system of the most secure and trustworthy vote in the history of the US," Burt said in a recent blog post.

"ElectionGuard" is not intended to replace paper ballots but rather to supplement and improve systems that rely on them, and it is not designed to support internet voting.

The software provides each voter a tracker with a unique code that can be used to follow an encrypted version of the vote through the entire election process via a web portal provided by election authorities.

During the process of vote-casting, voters have an optional step that allows them to confirm that their trackers and encrypted votes accurately reflect their selections.

But once a vote is cast, neither the tracker nor any data provided through the web portal can be used to reveal the contents of the vote.

After the election is complete, the tracker codes can be used by voters to confirm that their votes were not altered or tampered with and that they were properly counted, said Microsoft.

On the security front, "ElectionGuard" uses something called homomorphic encryption - which enables mathematical procedures "like counting - to be done with fully encrypted data".

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News Network
January 28,2020

Mysuru, Jan 28: The Second Additional District and Sessions Court on Monday granted anticipatory bail to B Nalini, who displayed the ‘Free Kashmir’ placard during a protest, and also to Maridevaiah, the organiser of the protest.

Nalini and Maridevaiah had applied for bail as Jayalakshmipuram police had booked them under sedition charges. Nalini had displayed the placard during a protest at Manasagangotri, the University of Mysore campus, recently. The court, which took up the case on January 24, had kept the order pending.

The court directed the accused to submit their passport to the court and a bond for a sum of Rs 50,000. The court also directed them to be present before the police, whenever needed.

Meanwhile, the Mysuru Bar Association has decided to take measures against the association members who are in favour of Nalini. Seventy-five members, seeking to represent Nalini, have withdrawn their support, the association secretary B Shivanna said. The association has suspended advocates Manjula Manasa and P P Baburaj.

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News Network
May 11,2020

Bengaluru, May 11: As many as 343 Indians returned to Bengaluru from London by a special Air India flight on the fifth day of 'Vande Bharat Mission' on Monday. They arrived at the Kempegowda international airport at 4.40 am.

All passengers were found to be asymptomatic on arrival except one 27-year-old woman who had had an incomplete abortion and had vomiting on arrival. She has been shifted to KC General Hospital in Malleshwaram.

Dr Prabhu Dev Gowda, an officer on duty for COVID-19 screening at Kempegowda International Airport, said, "A 27-year-old woman has had an incomplete abortion of her three-month-old foetus before taking the flight from London. She was vomiting on arrival. She was shifted to Aster CMI Hospital for emergency care.”

“Thereafter, she and her husband were shifted to KC General Hospital in Malleshwaram. They will be in isolation there. Since there is nobody to look after her, we have to let the husband accompany her to the hospital where they will be in quarantine."

The patient was famished and was provided a few idlis on arrival, he added.

After she recovers at the hospital, the couple will be shifted to a hotel. As per protocol, their throat swabs were taken for COVID-19 testing too. All passengers whether symptomatic or not are being tested for COVID-19.

Dr Manjula Devi, District Health Officer, Bengaluru Rural district said that all passengers were found to be asymptomatic on arrival except this woman who is being treated as a non-COVID-19 emergency.

Ajith Rai, Devanahalli Tehsildar told DH, "All passengers have chosen to go to hotels over government hostels. We're yet to tabulate how many have chosen budget hotels, three-star and five-star hotels. Twenty of them are still here. The process is on."

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